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Horne) 2012.1BC + ×ve) 2012.iec.kee) sustaenaber xeecoonvx https//newconnectmheducat html Help Save ne Graded Homework Mjka Company was started on January 1, 2018 During 2018, the company experienced the following three accounting events: (1) earned cash revenues of S34000, (2) paid cash expenses of $15,000, and (39 paid a S3,300 cash dmend to its stockholders These were the only events that affected the company during 2018 Required a. Record the effects of each accounting event under the appropriate general ledger account headings b. Prepare an income statement, statement of changes in stockholders equity, and a balance sheet dated December 31, 2018, for Mjka Company Complete this question by entering your answers in the tabs below ReaB Ic Reg 8 Chg SE Sheet Reg A Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) Accounting Equation for 2018 Assets LiabilitiesStockholders\' Equity Cash Eveet Er2of 9 Score.answer >

Solution

Answer

Transaction no

Asset

=

Liabilities

+

Stockholders\' Equity

Cash

=

Common Stock

+

Retained Earnings

1

34000

=

0

+

0

+

34000

2

-15000

=

0

+

0

+

-15000

3

-3300

=

0

+

0

+

-3300

Ending Balance

15700

=

0

+

0

+

15700

Income Statement

Revenues

34000

Total Revenues

34000

Expenses

15000

Total Expenses

15000

Net Income

19000

Statement of Change in Equity

Common Stock

Retained Earning

Opening Balance

0

0

Add: Net Income

0

19000

Less: Dividend

-3300

Closing Balance

0

15700

Balance Sheet

A. Equity

Common Stock

0

Retained Earnings

15700

Total

15700

B. Liabilities

0

Total Equity & Liabilities

15700

C. Assets

Cash

15700

Total Assets

15700

Transaction no	Asset	=	Liabilities	+	Stockholders\' Equity
	Cash	=			Common Stock	+	Retained Earnings
1	34000	=	0	+	0	+	34000
2	-15000	=	0	+	0	+	-15000
3	-3300	=	0	+	0	+	-3300
Ending Balance	15700	=	0	+	0	+	15700